Even Americans who have only a passing acquaintance with their Constitution tend to understand that it provides a system of checks and balances and those supposedly answer almost every problem that crops up in the functioning of their government. But the reality is that, even where a check does how does the president make money other than his salary, there has to be some way to put that into motion, to make it work. As a basic example, a president cannot conduct a war unless Congress puts up the money to pay for it, so a refusal to approve a Pentagon budget could actually stop a war however politically risky that might be. The Constitution, in other words, is generally not self-executing; it creates a series of government mechanisms, but someone must put them in operation. Such an unprecedented, ongoing linkage of a president with a commercial operation is regarded as potentially unethical and may even be illegal. Some of those potential woes led President Jimmy Carter, for example, to put his Georgia peanut business into a trust arrangement, although his brother continued to have a job in it. Problems arising from having presidents as business operators could arise both domestically, and internationally. On the home front, any number of official government policies could contribute to the success, or hamper the operations, of stateside Trump companies.
Effective Jan. The president’s salary is set by Congress , and under Article II, Section 1 of the United States Constitution, may not be increased or reduced during his or her current term of office. The increase was approved as part of the Treasury and General Government Appropriations Act Public Law , passed in the closing days of the th Congress. In his First Inaugural Address on April 30, , President George Washington stated that he would not to accept any salary or other remuneration for serving as president. Since the American Revolution, the official physician to the president, as director of the White House Medical Unit created in , has provided what the White House calls «worldwide emergency action response and comprehensive medical care to the president, the vice president , and their families. Operating from an on-site clinic, the White House Medical Unit also attends to the medical needs of the White House staff and visitors. The official physician and some members of his or her staff remain available to the president at all times, in the White House or during presidential trips. In May , Rep. In addition, Sen. The bill was passed by the House on Jan. Each former president and vice president may also take advantage of funds allocated by Congress to help facilitate their transition to private life. These funds are used to provide suitable office space, staff compensation, communications services, and printing and postage associated with the transition. Bush and Vice President Dan Quayle. The Secret Service provides lifetime protection for former presidents who entered office before Jan. Surviving spouses of former presidents receive protection until remarriage. Legislation enacted in allows former Presidents or their dependents to decline Secret Service protection. Former Presidents and their spouses, widows, and minor children are entitled to treatment in military hospitals. Former Presidents and their dependents may also enroll in private health plans at their own expense. Share Flipboard Email. Robert Longley is a U. In addition to a basic salary and expense accounts, the president also gets some other benefits. Continue Reading. How a U. Hint: A Lot.
Take no salary
President of the United States is one of the most powerful positions in the world. It’s a job associated with long hours, decision making and constant travel, one where you are in the public eye and always in the news. Unsurprisingly, all of those responsibilities lead to a hefty paycheck. President is a job that pays, if you can get it — and historically many presidents already had great wealth prior to holding the office. What is the yearly salary of a sitting U. Current U. That yearly salary became official in January of , meaning former Presidents George W. Bush and Barack Obama made the same yearly salary.
Does the Constitution put limits on a president’s private business ties?
Comparing how much the highest paid college presidents make — with the students from their schools. The highest paid college presidents can earn millions of dollars each year, but their students typically go on to make a small fraction of.
The college presidents with the 10 highest salaries in either the public or the private school sphere earned a minimum of 15 times the mkae salary of their students who received financial ghe 10 years after they entered the school. The Chronicle updated its list with the most recent private college data on Sunday, which covers The data from public colleges, which covers the fiscal year, was updated over the summer.
At Wilmington University, a private college with campuses throughout Delaware, New Jersey and Maryland, the president, Jack Varsalona — the highest paid private college president in the U. Varsalona plans to retire next otheg, the summary noted. InCEOs earned times more than the average workeraccording to the Economic Policy Institute, a left-leaning think tank.
Still, college presidential compensation, which has steadily ticked up in recent years, is beginning hte look more like private sector CEO pay, said James Finkelstein, a professor emeritus of public policy at George Mason University who studies college presidential pay. Where before the typical university governing board was made up of community members and alumni, these bodies now increasingly include private sector leaders, he said. When Raymond D. Cotton, a Washington, D. Many colleges, including the University of Oregon, whose former president is on the list, noted that the salaries of their leaders appeared artificially high because they included one-time payments.
Still, many reports how does the president make money other than his salary outside payments that presidents may earn from serving on boards or giving public speeches, Finkelstein said. The kinds of metrics for evaluating pay that are common in the business world are often looked at as unseemly in the nonprofit sector, Cotton said.
In most cases, the boards view the presidents as worth the money and will often raise their salaries without a request from the president, Cotton said. At Belmont University, a Nashville, Tenn.
Fisher and his senior team and the entire university has just blown away the objectives. And the objectives are not easy. A spokeswoman from Iowa State said part of the reason Leath is so high on the list is because he was required to take a payout this year from his deferred compensation. Under his tenure the school has both increased its graduation rate and research funding, according to the system, and as a result of these successes, other universities have been actively recruiting Becker.
That may be in part because, as Cotton noted, colleges are hesitant to measure performance in the same way a business. Jillian Berman covers student debt and millennial finance. You salagy follow her on Twitter JillianBerman.
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Visit Business Insider’s homepage for more stories. While presidents can take trips to the golf course or summer homes, they are accompanied by aides, advisors, and heavy security, and work still happens outside the White House. Read more: These are the top 20 US presidents and why you won’t find Trump on the list. Aside from having to work on the beach, hiw have several perks that lift a financial burden off their shoulders. US law requires the president of the United States to be paid a salary while in office. Presidents and their families usually do not receive or accept clothing as a «gift» from designers, like celebrities on the red carpet. If a piece is accepted as a gift, it is immediately housed in the National Archives after being worn. Aside from a prestigious title and global recognition, take a look at the financial perks that come with being the most powerful person in the US and quite possibly, the world. While a presidential salary is taxable, the other bonus benefits are not, according to the US tax code. The White House has housed US presidents since The estate has six floors and rooms, including a bowling alley and chocolate store, Business Insider’s Mark Abadi previously reported. One of the rooms is a fully equipped fitness center with a tennis court and swimming pool. Michelle Obama started work on the Ealary House garden during her husband’s presidency. Othet Trump continued Obama’s work and the thqn of hosting school children on the grounds, presidenh to CNN. Today, the garden’s fruits and vegetables regularly appear on the White House menu. The White House is also home to nearly permanent residents including maids, cooks, a plumber, a florist, and a head housekeeper, according to GoBankingRates. The first family doesn’t get all these costs covered. Hoq to former first lady Laura Bushthe president is billed at salarry end of every how does the president make money other than his salary for hourly pay for waiters and cleanup crews used for private parties, among other expenses.
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